Word: steep
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Dates: during 1940-1949
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Cash In. For his services, Eaton and associates got a 10% commission on the bonds and 2,000,000 shares of Steep Rock stock from the company at 1? per share (it was then selling for close to $1). He then trussed up Steep Rock to a ten-year contract to sell all its ore to Premium Iron Ores, Ltd. Premium in turn purchased 800,000 shares of Steep Rock at $2.50 a share to provide working capital...
This week, he proudly announced that Steep Rock had shipped its one-millionth ton of ore this year. Before the close of the Great Lakes shipping season it will send out another 300,000 tons, thus becoming one of the biggest ore producers in North America. On his initial investment, Eaton already has a paper profit of more than...
...with the Cash. The buried wealth of Steep Rock had been known for over 50 years, but no one wanted to supply the capital to get out the ore-until the Canadian owners met Eaton in 1942. He had the daring needed to bring out the buried treasure, and more important in wartime, he knew his way around Washington...
This did him no harm when he needed Government cash for Steep Rock. He got a $5,000,000 loan from RFC on his argument that Steep Rock would furnish ore needed for the war. In jigtime, he also got priorities for machinery needed to develop his new ore source. He also knew just the right people, "a few wealthy individuals," who would buy $2¼ million in Steep Rock bonds...
Work was started at Steep Rock. The lake was pumped dry of its 121 billion gallons of water. The Seine river, which fed it, was diverted by digging away 2,000,000 cubic yards of earth and rock for a new channel, and by constructing a system of dams and tunnels. The Canadian Government chipped in $5,200,000 for roads, a railway spur, power lines and a dock at Port Arthur to handle the ore. In 1944, a year after work was started, the first ore came out of the open pits...